I'm trying to learn more about SMT's daily. There has been a lot of discussions already and it sure is buzzing on Steemit. It sure is fun to follow.
When I first heard about SMT's on the steem blockchain I had concerns.
Namely:
- Would the focus of Steem inc. still be on Steemit/blockchain and make it the best social media experience it can be.
- Would the STEEM token retain value in a Blockchain full of other SMT's. I'm an investor after all.
Going through a lot of comments and making a post about it myself not long ago. I feel way more positive regarding the future price of STEEM. But unsure about where the blockchain is going.
(Just to clarify: my investment window for STEEM is years.)
STEEM is needed regarding everything SMT.
First, I found this comment by @andrarchy, Community Liaison for Steemit when he answered @alex-draw who asked this
Do these tokens have any relationship to steem apart from being by the same maker and the having the same goals? - alex-draw
Yes they do have a direct relationship to Steem. Their use requires Steem bandwidth. In order to use bandwidth you either have to earn or acquire stake (Steem Power). So, in short, SMTs will create more demand for Steem by creating more demand for bandwidth. Now you will still be able to launch a coin for $1 and do all kinds of stuff with it because creating coins doesn't actually consume much bandwidth (it's not a lot of information). That's good for developers. But if the app really takes off then you have to either earn enough additional Steem Power through upvotes (i.e. demonstrating that you are adding value to the Steem blockchain) to support the amount of bandwidth you are consuming or you have to purchase that Steem Power. Both increase demand for bandwidth and therefore Steem Power. - andrarchy
Second, from comments on my post from @dragosroua.
To fund an SMT you need STEEM. So if you have BTC and want to fund an SMT you need to convert to STEEM first.
Third (not 100% sure yet)
I think STEEM will be the main trading pair for trading SMT's.
So if REDDIT token is an asset issued on top of the STEEM blockchain and it's traded in a REDDIT/STEEM pair.
This would be positive for the STEEM price.
If SMT's proof to be successful this will increase the demand for STEEM(power) because it's needed to use them and/or trade them to Fiat and/or other cryptos.
So that's great for everyone that invested in STEEM or earned it blogging.
Demand will drive the price up. I can see that.
Social Media experience focus?
I'm hoping that part of the focus is still turned to the improvement of the Steem blockchain regarding social media. Especially easy signups and communities.
I don't mind the Steemit website the way it is today. I think it's up to anyone that wants to improve the frontend to do so and monetize it.
But right now, I'm getting the feeling that Steemit has been a trial to see whether SMT's have merit. It's pretty clear to me that they do.
But, I think it's hard to focus on two things.
You either focus on the Steem blockchain as an SMT platform with Steemit as a proven test case to show that it works. Sell the idea to other websites and create demand for the STEEM tokens (increasing the price).
or
You focus on making the Steem blockchain the best social media experience there is with the STEEM token as a unique selling point.
As an investor, I'm fine with both. As a blogger, I would like Steemit to become the biggest platform.
What do you think?
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This really has been the 64 thousand dollar question going around the platform the last 72 hours, which direction is Steemit going?
I've really tried to educate myself as much as possible, reading the thoughts of more knowledgeable users concerning this, and one thing keeps coming up for me, I've always felt the real value of Steemit was in Steem as an day to day usable, global currency. It has a proven track record of over a year now and it works.
A business or social media website has a floor and a ceiling as far as it's value is concerned. It's easily measurable for the most part. A currency is a different story. A global digital currency can become worth trillions of dollars if it can solve all the basic problems, which Steem has the ability to do.
Steem can be transacted free of fees on the platform to anywhere in the world. Huge win here.
Steem transactions can be made in almost real time. Another very important feature that cannot be understated.
There is a set amount of Steem that can ever be in existence so it's value cannot simply be inflated away over time. This is very important as we can see what constant money printing does to the value of fiat currency.
SBDs give Steem a stable currency in this terribly volatile crypto world. It can be used for transactions, an investment vehicle or simply a store of value or hedge against the value of Steem. This is another very positive feature of Steem that I feel gets overlooked.
Steem has been being used for over a year now as a currency, and to put it simply, "it works." The proof is in the pudding, and it's got a year long case study and counting as a very real global, every day, transactable currency.
So, after much thought, I feel SMTs could boost the use of Steem as a currency greatly, which is a huge win for Steem. BTC I see as a store of value already. It does not have the utility to be used in everyday transactions, so I see it as "gold" per se. But gold needs it's trading partner. A crypto that can be used as a day to day transactable currency, and Steem could be it's dancing partner. The utility is there, and SMTs could be a vehicle to help get Steem there. If it does, a user now on the Steem block chain with as little as 100 Steem Power could become very wealthy in years to come. For as we know, a social media website or a business has a ceiling to how valuable it can become, but a digital, globally accepted currency, wow, the sky might not be high enough to measure it's value.
Eventually BTC will find it's dancing partner, and the currency that secures this seat will shoot to the moon and beyond. Why not Steem?
An enormous Steemit site will only be successful if communities are encouraged to form. I see SMTs as being foundational for sub communities. Steem is the common denominator. My vision is that members of all communities will move freely across borders because all tokens will have this common denominator. Still taking one bite at a time.
I think you have hit the nail on the head with your comment. There are going to be various websites, blogs, forums and community networks all powered and monetized by Steem. The sky is the limit for anyone who can think out of the box.
While all these sites will use Steem to power them Steemit will be the mother of all sites.
This is something that cannot be accomplished by any other social network or website because they cannot provide the means to raise capital using their currency. So now not only can you earn on Steemit, but you can also earn more with your own online community.
How cool is that!
Thanks for sharing your vision. I'm also processing it all one bite at a time. It sure has created a nice buzz around here.
Thanks for the post, @exyle.
It helps because most users are trying to put things together, what with so many trending posts pertaining to SMT all at once!
I think any SMT post will link through steem paltform. It will be a portal back to steemit.
More traffic and more for steem value.
Good summary! I haven't fully internalised the dynamic of the relationship between Steem and these (derivative) tokens, but since they can only be traded for Steem they at least set a higher baseline demand. Additionally, any new token launch which uses the built-in capability to burn or vest the participants Steem, reduces the liquid Steem supply, putting further upward pressure of the Steem price.
Curious to see your thoughts on my AdepToken @exyle. This whole thing has my brain going in overdrive for a few days...
https://steemit.com/smt/@adept/adeptoken-adept-steemit-s-first-smart-media-token-smt-start-earning-today
What i got in my mind is steem's rising is because of SMT and for me SMT = Steem reach Moon in Time :P
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I'm curious if the tokens plus the communities will take SteemIt, Inc. mostly out of the "dev" part of SteemIt (social media) Communities could build apps and develop them how they like.
This would allow SteemIt, Inc. to focus on blockchain technology, which seems to be their sweet spot.
Just an idea of how I think it might develop.
Great Idea Boss ! they will then focus on blockchain technology i Agree with you !
This is a great point.
Steemit as one of the most prominent blockchains that I know, the price os on a uptrend right now, let's hope it stays that way. SMT's for me it's a experiment that could bring a lot of atention to the steemit community and new ideas.
I don't understand everything you write in this post, but I hope Steemit will stay a big bloggers platform. So I go for your first remark:
"You focus on making the Steem blockchain the best social media experience there is with the STEEM token as a unique selling point".
You can explain everything later when I'm back in the Netherlands. I think you have to make your calendar free for me the second half of October (lol)
Regarding the third question, I think that steemit's internal market, is going to have all smts trade with STEEM at least to start out, so yeah REDDIT/STEEM or even EXYLE/STEEM will exist as soon as a SMT is created.
For price predictions, you can compare it to ETH and ICOs, because of the ERC20 tokens being sold as part of ICOs, the price of ETH and ETC went up. Similarly, if SMTs gain popularity and acceptance, price of STEEM will go up.
Yes, that's what I think too. It will drive demand for STEEM.
I just recently had discussed the other aspect of SMTs with dragosroua over here on his post: https://steemit.com/steemit/@dragosroua/smart-media-tokens-use-cases-caveats-and-limitations-the-smt-white-paper-series-ep-three#@sqamemal/re-dragosroua-smart-media-tokens-use-cases-caveats-and-limitations-the-smt-white-paper-series-ep-three-20171001t090059629z
Agreed ! with you so informative upon smt's acceptance steem will reach to the moon ! :)
So if I understand correctly SMT's would in essence stimulate the demand for steem right? Because to create a specific SMT you would need steem or steem power. So essentially steem will become like bitcoin is for most of the altcoins. I would like to see that happen because I'm long on steem just like you exyle.
As the statistics show @exyle, the Steemit audience is increasing and thus there will be more activity in the blockchain , that is, increasing the capacity and making transactions. I think we have a great future!
Tnx for informations. It seems SMT will have positive impact, but only time will tell. In business your are growing or you dying, so I am always positive about new developments.
" In business your are growing or you dying, " Agreed ! :)
fantastic post @exyle, your information about SMT is so helpful, well if that the scenario then i think induction of SMT is no doubt very profitable for all of us, it surely gives very good boost to the steem price and at it ultimately benefits the whole steemit community and yes i agree with your thoughts that it is difficult to mange steem and smt both at the same time but i think there is a way to manage them both so let's see when this implements on steemit, enjoy you weekend ahead friend, thanks for sharing
If anything, it is a good direction the platform is moving towards which will eventually gather more users.
More demand with limited supplies = Yeh ! Price Up !
Agreed The more the demand the more it will rise up !
in my opinion, steemit is already the best social media experience - only it hasn't spread to the vast majority of the population
For me it sure is too.
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Thanks. But I already write a lot about my own life. Have a great day yourself.
Steem would play a major role in this and the price will be more stable thus and will go far beyond where it is currently right now as steem is the main backbone of SMT's now how they take it into publicly that would be a thing to see now.
i'm working on an amplify project to bring in content creators who already have audience. i think that the frontend condenser needs work and i think the hand holding to walk through people to get them up to speed needs work too. i'm working on a 32 part quick fire course over on @teamvideo that i'm releasing as a skillshare and udemy course too, and pushing parts to dtube and viewly when it works ;)
Great post, those two points are items that many of us are wondering about.
Ultimately, I think you're right about the fact that this is really about uncovering how SMTs are going to change where the value of STEEM is tied. I wrote a post detailing my thoughts about it here.
For me, there's no doubt that there is a gaming changing potential with SMTs that's very exciting. Still, I would much rather see Steemit continue to get improved so that it becomes a power house in it's own right.
@exyle,
@dragosroua is writing EPs (Episodes) about SMT! Most of my questions were answered there! Just take a look!
Cheers~
I think SMT's, if it works like it's represented, only brings the Steemit platform to more exposure and I have no concerns there whatsoever. The infrastucture of Steemit itself though, that's where I still have some doubts and definitly requires improvement to become a big thing.
I curious to see where it will go as well, let's see what the future brings! Thanks for sharing your thoughts. I did not know about SMT, good reason to find about more about it!
I want steemit to be the biggest and the best. Without a doubt
i am yet to learn more about it but thanks for explaining in simple words in your post :)
steemit now trying to take steem idea to the mainstream with this lots of new things still to be learn with new development going on
Hey @exyle, thanks for the post, it's helpful to see you working through these ideas as we all grapple with the new SMT technology.
When @andrarchy said: "Now you will still be able to launch a coin for $1 and do all kinds of stuff with it because creating coins doesn't actually consume much bandwidth (it's not a lot of information)"
This is not true as far as I understand. The white paper says that creating an SMT requires an upfront payment of $1,000 (the money is "burned" and ceases to exist - it does not go to anybody).
So the cheapest coin that can be created would be above $1,000. This is still small money when it comes to creating a currency, and I suspect that Andrew was being metaphorical (i.e. he was really saying "You can launch a coin without much money") - but it feels like it's worth pointing that out.
There's seems to be a contradiction in the whitepaper. It implies 1000 SBD in the example code, but on page 14 it states it as just 1 SBD:
As it stance now you two are both right :). Let's hope it will be clarified soon.
edit: After reading closer, it looks like there isn't any contradictions... the white paper makes it clear that smt_creation_fee will be set to 1 SBD at the start. sorry for any confusion from my previous comments :-)
But @exyle do you think bloggers or other online networks would consider this option considering the fact that most of the countries are banning and taking strict actions against cryptocurrencies?
Other than that, I think it's a great idea, though I don't have enough information yet and looking for posts that have explained all this in common language.
Once you are done understanding all this, please do write a detailed post about this.
I was actually thinking along the similar lines - that Steemit is an experiment on how to compete with alternative protocols. What i can tell by reading the tealeaves is a) STEEM is likely to become the store of value (notwithstanding the inflation) as we transition from center based to hub-spoke model b) The actual roll-out model of providing a speced protocol (off-the-shelf solution) to a particular need (in our case social media) might be the harbinger of EOS ecosystem development (both EOS and Steemit use Graphene blockchain and have interlocked management) and by extension competitive positioning against other alt coins as more friendlier and inclusive blockchain. Think something like Android being EOS and Google Store filled with specced protocols that you just download and integrate into your dapp. Like poker ad of yours ;)
Hey another great post! I love Steemit its really awesome platform! I'm not a social media guy really ..... but I still LOVE STEEMIT. (I hardly Post to FACEBOOK) hate it ! Anyway Im more of an investor/trader so I want to share a excellent video by this wonderful guy here it is https://steemit.com/bitcoin/@haejin/steem-update-witnessing-the-birth-of-a-breakout-come-ye-all-and-drink-of-me-your-fill-in-profits
you have defenitly a point. I see myself more as an investor so yeah.
Any concerns about all the scrutiny around ICO's right now and the timing of this?
I think SMT will have a huge impact on STEEM's price, in the past few days STEEM started growing pretty fast and I think it will continue like this.
I like the way that you use for explain the things is unique, now understand more, I received an e-mail about from steemit I made a post with the information and I have the video of the founder here.
complete message : https://steemit.com/new-tokens/@enriqueig/announcement-smart-media-tokens-smts-nuevo-token-from-steemit
Very good try and great works, I wish you success @exyle
Thankyou for sharing @exyle
Really nice post sir.....I'm also face so many different news about steemit like good or bad but I love steemit or steem coin..
Thanks for your post man. Actually i do not have any idea about that Steem media token . I thought i could buy them using bitcoin but according to you , you need to buy steem first then convert it to SMT.Thanks for the info mate :) .I'll give you my upvote and resteem mate.
It is difficult to describe what Venezuelans are feeling. Yesterday the parallel dollar was put at 30000 bsf and for the first time I saw a pair of shoes at 3000000 bs where the minimum wage is 200000 bsf. definitely insecurity is going to be our tough battle.
@exyle - Sir I have a lot of questions about SMT too :(
+W+ [UpVoted & ReSteemed]
your positivre attitude on steem power and SMT impact on blockchain is relatively vice versa, not sure its my oponion.
i think main problem is will steem evolve or not as social network, if ned and others focus on other things we will lack evolution in our steem. Second problem is scam tokens in future, people will pay steem for ico and if its scam project or something then all steem lets say 100000 will be dumped in market for very cheap by scammers, also some project could be failures so they will dump too and that can affect us. so i think its not only positive news but negative too
I think like every popular social media steem is not important or know to mass people. Because it is very young. But the way people are geting involve in it it will rise above all platfom and no one can reach to its level. and finaly steem will rule all the social media and cyptocurrency will be number one. I believe steem has no limit.
steem not gonna be stop man.....
and great analysis....
It is always good to see the Steem price go up, but Steemit should be the best social media experience and the platform needs bit of fine tuning
Cheers!
i am learning about it more i am curious to know more about it in details but SMTs are a good example of what can be done with an inflationary cryptocurrency.
hello, @exyle
There's tremendous potential with this platform; this is definitely one of the most promising new developments I've seen so far.
Wow!! Very exciting times !!
It's going to be so cool to see what happens in the near future!
Thanks for sharing this info!